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Aurora Capital Group Closes Resurgence Fund II at $550MM

October 24, 2013, 07:11 AM
Filed Under: Industry News

Aurora Capital Group, a Los Angeles-based private equity firm with over $2 billion of assets under management, announced the closing of its second resurgence fund, Aurora Resurgence Fund II LP ("Resurgence Fund II"), at $550 million in capital commitments.

Through Resurgence Fund II, Aurora will continue to execute its proven strategy of investing in the equity and junior capital of middle market companies, seeking controlling positions in complex situations created by operational or financial challenges.  The fund's broad investment mandate has allowed it to execute on corporate carve-outs, quick sale processes, rescue financings, 363 auctions and secondary debt purchases in both the U.S. and Europe.  Aurora continues to be supportive of operating companies and their growth initiatives, and acts as a flexible source of capital for companies across a broad array of industries. 

"We are delighted to announce the closing of our second Resurgence Fund, which will allow us to continue pursuing our flexible and proven investment strategy," said Gerald L. Parsky, chairman of Aurora Capital.  "Aurora Resurgence is known for its disciplined approach and strong track record in the middle market.  We look forward to leveraging our highly experienced investment team, our Executive Board and our operating executives to identify attractive opportunities, improve operations and build great companies."

Steven D. Smith, managing partner of Aurora Resurgence, said, "We see a tremendous opportunity for Resurgence Fund II and are grateful for the confidence placed in us by our limited partners.  The quality of our investor base provides us with committed long-term partners and a solid foundation of flexible capital.  This will enhance our ability to work closely with management teams and other stakeholders to help drive financial growth and operational improvements for companies across a range of industries."

Ryan C. McCarthy, Partner of Aurora Resurgence, said, "As an original member of the Aurora Resurgence team, I'm excited to advance the strong track record laid down by our initial Resurgence Fund.  We are confident that the new team's considerable investment expertise  will allow us to continue pursuing creative solutions for improving undervalued assets within distressed segments of the market."

Resurgence Fund II received strong support from existing investors in Aurora's funds, and also attracted a variety of new investors led by AlpInvest Partners B.V. and funds managed by Goldman Sachs Asset Management.

To date, Resurgence Fund II has acquired the remaining four companies from Aurora's original Resurgence Fund, which includes Sirva Inc, TruGreen LandCare, Alltub Group, and TOPS Parking LLC.

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